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irs updates its wheres my refund online tool
Accounting Business Taxes

The IRS Updates its “Where’s My Refund?” Online Tool

July 28, 2022

The Internal Revenue Service (IRS) has recently made improvements to its popular “Where’s My Refund?” tool, a feature that allows taxpayers to monitor their tax return status online.

This upgrade is especially crucial for those still waiting for their current tax returns, as well as those awaiting refunds from the previous two years due to the processing backlogs caused by the COVID-19 pandemic.

Taxpayers can now use the tool to check their refund status for any of the three most recent tax years, 2019, 2020, and 2021, by providing their Social Security number or ITIN, filing status, and the expected refund amount from their original tax return. The IRS has encouraged taxpayers to file their returns as soon as possible, and to take advantage of the updated online tool to check their refund status.

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Cryptocurrency Taxation for 2023
Accounting Business Taxes

Cryptocurrency Taxation for 2023: Here’s What You Need to Know

July 12, 2022

Cryptocurrency has been making waves in the financial world for several years now and has only been gaining popularity among individuals and corporations. While one of the biggest appeals of using cryptocurrencies is the ability to remain anonymous through private and secure transactions, this will no longer be the case after December 31st, 2022.

With the evolving world of crypto, tax rules are also changing rapidly, and new reporting requirements for cryptocurrency transactions will go into effect from the 2023 tax year. This means that potentially taxable digital asset transactions made by cryptocurrency users will be reported to the IRS by outside parties, similar to third-party reporting required for stocks. Businesses must also begin reporting whenever they receive more than $10,000 of cryptocurrency in a single transaction to minimize money laundering.

While the news that cryptocurrency is here to stay may be great for some, the loss of anonymity also presents an obstacle for those who wish to keep their transactions private or have not met their tax obligations. It is expected that users will now be asked to provide an array of personal information when opening a digital wallet, which was likely not required in the past.

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Business Taxes

Years of Neglect have Caused Chaotic Consequences for the IRS

May 16, 2022

In 2018, the U.S. Supreme Court ruled in South Dakota vs. Wayfair that states can require online businesses to collect sales taxes, even if they do not have a physical presence in the state. After nearly 3 years, Florida is finally about to do so.

On April 19th, 2021, Governor Ron DeSantis signed into law a tax package, Senate Bill 50, to require out-of-state online retailers to collect sales taxes on purchases made by Floridians.

Beginning on July 1st, 2021, retailers selling more than $100,000 a year online will have to start collecting 6% sales tax from residents at the point of sale. Businesses who sell less than $100,000 a year online will be exempt from collecting this tax.

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Business

Brock CPA Welcomes Madison Parman

March 25, 2022

In 2018, the U.S. Supreme Court ruled in South Dakota vs. Wayfair that states can require online businesses to collect sales taxes, even if they do not have a physical presence in the state. After nearly 3 years, Florida is finally about to do so.

On April 19th, 2021, Governor Ron DeSantis signed into law a tax package, Senate Bill 50, to require out-of-state online retailers to collect sales taxes on purchases made by Floridians.

Beginning on July 1st, 2021, retailers selling more than $100,000 a year online will have to start collecting 6% sales tax from residents at the point of sale. Businesses who sell less than $100,000 a year online will be exempt from collecting this tax.

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Business Taxes

The Importance of Filing Business Tax Returns Correctly and On Time

February 28, 2022

In 2018, the U.S. Supreme Court ruled in South Dakota vs. Wayfair that states can require online businesses to collect sales taxes, even if they do not have a physical presence in the state. After nearly 3 years, Florida is finally about to do so.

On April 19th, 2021, Governor Ron DeSantis signed into law a tax package, Senate Bill 50, to require out-of-state online retailers to collect sales taxes on purchases made by Floridians.

Beginning on July 1st, 2021, retailers selling more than $100,000 a year online will have to start collecting 6% sales tax from residents at the point of sale. Businesses who sell less than $100,000 a year online will be exempt from collecting this tax.

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Taxes

5 Tips for Better Tax Planning in Florida

February 3, 2022

In 2018, the U.S. Supreme Court ruled in South Dakota vs. Wayfair that states can require online businesses to collect sales taxes, even if they do not have a physical presence in the state. After nearly 3 years, Florida is finally about to do so.

On April 19th, 2021, Governor Ron DeSantis signed into law a tax package, Senate Bill 50, to require out-of-state online retailers to collect sales taxes on purchases made by Floridians.

Beginning on July 1st, 2021, retailers selling more than $100,000 a year online will have to start collecting 6% sales tax from residents at the point of sale. Businesses who sell less than $100,000 a year online will be exempt from collecting this tax.

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Taxes

Brock CPA Celebrates 5 Years in Business

December 3, 2021

In 2018, the U.S. Supreme Court ruled in South Dakota vs. Wayfair that states can require online businesses to collect sales taxes, even if they do not have a physical presence in the state. After nearly 3 years, Florida is finally about to do so.

On April 19th, 2021, Governor Ron DeSantis signed into law a tax package, Senate Bill 50, to require out-of-state online retailers to collect sales taxes on purchases made by Floridians.

Beginning on July 1st, 2021, retailers selling more than $100,000 a year online will have to start collecting 6% sales tax from residents at the point of sale. Businesses who sell less than $100,000 a year online will be exempt from collecting this tax.

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Taxes

Proposed Tax Law Changes for 2022

December 3, 2021

In 2018, the U.S. Supreme Court ruled in South Dakota vs. Wayfair that states can require online businesses to collect sales taxes, even if they do not have a physical presence in the state. After nearly 3 years, Florida is finally about to do so.

On April 19th, 2021, Governor Ron DeSantis signed into law a tax package, Senate Bill 50, to require out-of-state online retailers to collect sales taxes on purchases made by Floridians.

Beginning on July 1st, 2021, retailers selling more than $100,000 a year online will have to start collecting 6% sales tax from residents at the point of sale. Businesses who sell less than $100,000 a year online will be exempt from collecting this tax.

Read More
Taxes

Claiming the 2021 employee retention tax credit (ERTC)

September 2, 2021

In 2018, the U.S. Supreme Court ruled in South Dakota vs. Wayfair that states can require online businesses to collect sales taxes, even if they do not have a physical presence in the state. After nearly 3 years, Florida is finally about to do so.

On April 19th, 2021, Governor Ron DeSantis signed into law a tax package, Senate Bill 50, to require out-of-state online retailers to collect sales taxes on purchases made by Floridians.

Beginning on July 1st, 2021, retailers selling more than $100,000 a year online will have to start collecting 6% sales tax from residents at the point of sale. Businesses who sell less than $100,000 a year online will be exempt from collecting this tax.

Read More
Taxes

Tax Collection On Internet Sales To Begin In Florida

August 3, 2021

In 2018, the U.S. Supreme Court ruled in South Dakota vs. Wayfair that states can require online businesses to collect sales taxes, even if they do not have a physical presence in the state. After nearly 3 years, Florida is finally about to do so.

On April 19th, 2021, Governor Ron DeSantis signed into law a tax package, Senate Bill 50, to require out-of-state online retailers to collect sales taxes on purchases made by Floridians.

Beginning on July 1st, 2021, retailers selling more than $100,000 a year online will have to start collecting 6% sales tax from residents at the point of sale. Businesses who sell less than $100,000 a year online will be exempt from collecting this tax.

Read More

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